Quicken Survey Finds Many Americans Worried About Mounting Debt, Saving for Retirement
Knowledge Brings Peace of Mind
The study also revealed that 72 percent of those surveyed are less stressed when they know where their money is going. Yet four out of five said they don't use a personal financial management software program.
"Finding the money to pay bills, prepare for emergencies and look toward
retirement may seem impossible, but knowing where your money is going is
the first step to successful money management," said
The study also explored three leading causes of financial stress: credit card debt, unexpected emergencies and retirement.
Conquering Credit Card Mountain
Of those with credit card debt, one in five see their debt increasing. 43 percent are not paying down debt, owing as much as last year. As a result, many delay or postpone purchases or activities simply to stay afloat. A total of 24 percent said they skip vacations.
"The survey data clearly shows the burden of digging out of credit card debt prevents people from living how they want," said Dillard. "Getting a quick and easy — and accurate — picture of spending frees them from stress, and helps them make better-informed decisions to get out of debt and plan for the life they want."
Many people realize they need to get a handle on their money, yet few work toward that goal:
Expecting the Unexpected
More than half of those surveyed said they know they should save more, but more than one-third are not financially prepared for an emergency.
"Unplanned expenses can often throw people financially off track," said Dillard. "So creating a three- to six-month emergency fund can end up saving significant money. It also lifts the psychological burden when people know they're prepared for the unexpected."
Leaving Empty Nesters With an Empty Nest Egg
The survey found that most Americans are not saving sufficiently for retirement. Among people still working, more than half do not expect to be able to retire by the age of 65. Of those, 40 percent say it's because of a lack of funds and an inability to save. Perhaps even more surprising, more than one quarter of people surveyed have no retirement savings at all.
"Quicken helps me manage what I'm doing with my finances," said
For more information about Quicken, please visit www.Quicken.com.
Founded in 1983, Intuit had annual revenue of
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of
About the survey
Findings are from an
News Provided by Acquire Media